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Requirements For a Chapter 13 Bankruptcy?

Filing for Bankruptcy, read this infographic to learn about requirements for a chapter 13 bankruptcy in New Jersey. Our Bridgewater Township Chapter 13 Bankruptcy Lawyer can assist you in filing bankruptcy and help you get a fresh start through bankruptcy. For more information call us at 908-332-5623.

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Requirements For a Chapter 13 Bankruptcy?

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  1. Requirements For a Chapter 13 Bankruptcy? Under Chapter 13 of the Bankruptcy Code, debtors propose an installment plan to repay all or some of their debts during a period of either three or five years. Under federal law, any individual, even those self-employed or running an unincorporated business, may qualify for Chapter 13 relief as long as their secured and unsecured debts do not exceed the amounts permitted by the Bankruptcy Code. Income Limits For Chapter 13 If your monthly income is under the current New Jersey state median and you do not own any real property with equity, your installment plan will typically be three years. Individuals with real property or incomes greater than the state median must have five-year repayment plans. Asset Considerations In Bankruptcy In a Chapter 13 arrangement, you may be able to keep the property you own, as long as you are making satisfactory payment arrangements. This includes real estate, your car, tools for your business, and household furnishings. Contact Us 1065 US-22 Suite 2B, Bridgewater Township, NJ 08807, USA 908-332-5623 klucid@karinalucidlaw.com karinalucidlaw.com

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